What’s next for Chinese equities?
Shares in many Chinese companies sold off sharply in recent sessions, after the publication of harsher-than-expected regulations targeting education companies fuelled fears of deeper policy uncertainties across China’s corporate space. At first glance, the market’s shiver is understandable given the severity of regulatory measures that threaten to effectively bring a halt to private tutoring services…
Qld approves $82m coal mine expansion
TOWNSVILLE, AAP – The Queensland government has approved an $82 million expansion of Stanmore’s Isaac Downs coal mine. The project near the central Queensland town of Moranbah, which will only produce metallurgical coal used in steelmaking, got the final nod on Tuesday night. Resource Minister Scott Stewart says the Isaac Downs East extension will produce…
Post-lockdown cash splash for Vic business
MELBOURNE, AAP – Victorian businesses hit hard by repeated coronavirus lockdowns are being given a $400 million helping hand. The joint state and federally-funded package announced on Wednesday includes $5000 grants for about 30,000 businesses hit by capacity limits under the current public health restrictions. Twenty-four sectors are eligible including gyms, cafes, restaurants, catering services…
Curbs on mortgage lending work: RBA paper
CANBERRA, AAP – The Reserve Bank of Australia says past measures to curb a deterioration in lending standards at a time of a housing price boom have been successful. Australia’s financial regulators, including the RBA, having been closely monitoring developments in the housing market for some months as home prices recorded strong gains across the…
Support to fossil fuel research is more than apparent
Australian governments direct billions to fossil fuel companies. Among the projects funded by Commonwealth and state governments are work on coal ports, railways and power stations, and research into “clean coal” or “coal innovation”. Whether worthwhile or not, this funding is visible and can be debated on its merits, as The Australia Institute has done…
IAG forecasts loss for FY21
SYDNEY, AAP – Insurer IAG is headed for a full-year loss from COVID-19 but company leaders say there is more certainty in the economic outlook. Preliminary earnings issued on Friday showed a full-year net loss of $427 million, largely due to the impact of the virus. The insurer collected less in premiums, although this was…
In review: Lessons from COVID-19
Among the many messages is the notable one that competence matters during emergencies but is hard to achieve. Severe acute respiratory syndrome, or SARS, hit Taiwan hard in 2003. The virus tore through several hospitals and Heping hospital in Taipei was hastily closed, imprisoning staff and patients, after the head nurse became one of the…
NSW building lockdown adds to economy woes
CANBERRA, AAP – Economists believe the first contraction in the national economy since the depths of the COVID-19 pandemic is increasingly likely after the NSW government further tightened lockdown restrictions at the weekend. All non-essential retailing is now closed in Greater Sydney and the construction industry is shut down until July 30, the first time…
Telstra weighs takeover of Pacific telco
CANBERRA, AAP – Telstra is considering taking over the Pacific operations of a communications service provider in partnership with the Australian government, which would block China from buying the assets. The telco confirmed its discussions with Digicel Pacific on Monday. Telstra said it was initially approached by the Australian government to provide technical advice in…
Telstra fends off vaccine cyber threats
CANBERRA, AAP – Telstra is monitoring COVID-19 supply chains for cyber threats to help out the federal government. “We’re very, very attuned to it, because it’s a critical supply chain to protect,” Telstra chief executive Andy Penn told the National Press Club on Thursday. A supply chain for a vaccine starts with the pharmaceutical company…
